11/09/2009 @ 4:15PM

Diana Taylor: Success At Every Age

The 54-year-old joined Wolfensohn & Co. in April 2007. Prior to this, she served as superintendent of banks for the State of New York from 2003 to March 2007. She has held a number of positions in the private sector including chief financial officer of the Long Island Power Authority and was an investment banker for several Wall Street banks.

ForbesWoman: What’s your day job?

We’re a private-equity firm that invests in retail, financial services and green energy in emerging markets. I’m on the investing committee and offer my opinions about companies that we might want to invest in. We’ve made investments in Brazil and India, and have one pending in Mexico.

What’s the best piece of money advice you’ve gotten?

You should never quit your day job. Always make sure that you can support yourself and that you always have a cushion. And never, ever, depend on anyone else for money.

What advice would you give young women about money?

As long as you know you have enough to live on, take some risks. One thing that you find out later in life is that you have a lot more power than you think you do. And to not be so hard on yourself. Women can do more with less and should be proud of what we’ve accomplished.

Which charities are you involved in?

I’m the chair of ACCION International, a microfinance and micro-lending organization, vice chair of the New York Women’s foundation, and I serve on the boards of Dartmouth University, the Hudson River Trust, the After School Corporation, Columbia University’s Mailman School of Public Health and the International Women’s Health Coalition.

That’s a lot of boards.

I didn’t seek them out. I was roped in, but I’m happy about it.

How much time do you spend on your nonprofit work?

I probably spend a day and half to two days a week on my not-for-profit work.

Is there one nonprofit that is near and dear to your heart?

The NY Women’s Foundation is the first board I joined. We raise money and give grants to nonprofits that help low-income women. We fund education, shelters and help women who are getting out of prison find jobs. Our goal is to pull them out of poverty and help them lead a sustainable life.

How do you decide which programs to fund?

Each program sends in a detailed proposal–we get 250 to 300 of them–and the staff vets them and whittles the list down to 80. And then three of us will be assigned a candidate program to visit. It’s an interesting experience. You find yourself in places you wouldn’t normally find yourself, a white woman in Manhattan, in.